Christmas spending is expected to exceed £75bn this year, with Brits splurging on everything from presents to parties.
A survey of over 2,000 Brits by card company American Express has found Brits plan to spend about £1,522 each this festive season – a total of £75.7bn nationally.
Christmas getaways are the biggest cost to Brits this year. Those taking trips this holiday season are set to spend about £458, the survey found.
Meanwhile, the average Brit will spend about £312 on Christmas presents for friends and family.
Christmas parties are the third-biggest cost, with those playing host expecting to spend about £124.
And those going home to see their families will spend about £119 on travel.
Smaller Christmas gatherings will cost the average Brit about £112, the same amount they expect to spend on new clothes to celebrate the festive season in.
Other festive experiences (£108), Christmas day food shopping (£102) and decorations (£75) round out the top 10.
Almost a quarter (23%) of this year’s seasonal shoppers will redeem loyalty points, cashback and rewards as part of their festive spending.
Despite the cost of Christmas, only 17% plan for an increase in their spending and three in ten admit (30%) to not setting a budget at all.
Carmelo Scoglio, director at American Express, said: “All of these festive items and experiences can soon add up. When celebrating this year make the most of your expenditures by putting them on a card that gives you rewards and cashback for spending.”
American Express also offered some advice to Christmas shoppers this year.
Christmas shopping tips
Make a list and check it twice – Write down the names of everyone who you need to buy a present for, your gift ideas for each person and where you want to buy the gift. This way you can make your shopping trips as efficient as possible.
Cashback Christmas – Christmas costs can soon add up, so you could consider putting the cost on a card that gives you cashback and rewards for spending. This will allow you to “treat yourself” later in the year.
Secret Santa – The Christmas list of gifts you need to buy can sometimes seem endless. Why not suggest doing secret Santa between your group of friends instead of buying presents for them all? This way you can take your time to find the perfect gift for one friend.
Christmas clashes – To save time, why not ask your family members what they would like for Christmas this year? This means they will receive a gift that they really want and you won’t have to spend hours looking for something to buy.